BWT AG

EANS-Adhoc: BWT Aktiengesellschaft
BWT fit for pharma expansion after third quarter

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9-month report

13.11.2009

• Sales EUR 296.9 million (-4.7%) • EBIT EUR 24.6 million (-4.7%) • Net result EUR 22.2 million (+19.0%) • Gearing 3.0% (23.8% as of Sept. 30, 2008) • Equity ratio 52.9% (46.2% as of Sept. 30, 2008) • New share buyback program

"We bring to account an encouraging third quarter that in some markets brought about stabilisation. However, there is no real sign of relief; but in these times of sustained uncertainty we can give evidence of our reliability and stability as a provider of sustainable water technologies for safety, hygiene and health", says Andreas Weißenbacher, CEO of the BWT Group about the third quarter results 2009.

From January to September 2009 the BWT Group generated consolidated revenue of EUR 296.9 million, short of the result of the previous year by 4.7%. However, in the third quarter, a slight increase in revenue was achieved that amounted to EUR 96.9 million and was higher by 1.1% than in the previous year. The profit situation has improved in the 3rd quarter. The EBIT amounted to EUR 6.2 million, 24.9% higher than the results of the previous year (EUR 5.0 million). Accumulated EBIT of the BWT Group after nine months amounted to EUR 24.6 million, 4.7% lower than the previous year´s value of EUR 25.8 million.

The sale of a shareholding in the second quarter of 2009 with a gain of EUR 4.5 million is the main cause for a better financial result as compared to the previous year. After 9 months, the net result for the period before minority interests amounted to EUR 22.2 million compared to EUR 18.6 million in the previous year (+19.0%). In the third quarter the Group´s net result of EUR 5.4 million has improved even by 55.4% compared to the previous year (EUR 3.5 million). Earnings per share came to EUR 1.27 compared to EUR 1.04 in the previous year.

Thanks to the lower working capital requirement (primarily inventories and trade receivables), the cash flow from operating activities has risen from EUR +17.5 million to EUR +29.0 million. Net debt of the BWT Group is at all-time low, the balance of cash at bank and interest-bearing financial liabilities decreased as compared to 30 September of the previous year from EUR -33.2 million to EUR -4.6 million; at the end of the year 2008 it had still amounted to EUR -25.9 million. Gearing amounted only to 3.0% compared to 23.8% as at the reference date of the previous year and 18.8% as at 31 December 2008.

The equity in the consolidated balance sheet of the BWT Group increased to 52.9% of the balance sheet total and it amounted to 49.0% as at 31 December of the previous year and 46.2% as at 30 September 2008. The number of employees of the BWT Group decreased as compared to the previous year by 58 persons (-2.4%). Compared to 30 September 2008, the number of employees dropped from 2,427 persons to 2,369 persons.

Outlook

Andreas Weißenbacher: "With net debt reduced close to Zero and solid cash flow as well as good balance sheet after the first three quarters, we are fit for starting the pharma business that is included as of October 1st in the BWT Group - and we welcome 200 new BWT employees." The takeover of the pharmaceutical business will bring in the 4th quarter of 2009 about EUR 10 million and from 2010 annually at least EUR 35 million additional annual revenues.

On the basis of the business trend that has developed so far, the Management Board expects for 2009 consolidated revenue of the Group to be roughly EUR 390 million; due to better income from investments, the consolidated results will slightly exceed the previous year´s value of EUR 21 million. Further, the Management Board plans another share buyback program.

end of announcement                               euro adhoc
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Further inquiry note:

BWT Aktiengesellschaft
Mag. Ralf Burchert
ralf.burchert@bwt.at
Tel.: 06232/5011-1113

Branche: Water Supply
ISIN: AT0000737705
WKN: 884042
Index: ATX Prime
Börsen: Wien / official market

Original-Content von: BWT AG, übermittelt durch news aktuell

Weitere Meldungen: BWT AG

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